Tax deduction for staff costs and consumables incurred on qualifying R&D projects performed in Singapore raised from 150% to 250%

Goods & Services Tax (GST)

GST rate to be increased from 7% to 9%, sometime between 2021 and 2025

GST will be introduced on Business-to-Business and Business-to-Consumer imported services on or after 1 January 2020

Individuals

All Singaporeans aged 21 and above in 2018, will receive a one-off SG Bonus of $100 to $300, with the quantum dependent on annual income thresholds

GST Vouchers to be enhanced for eligible households and seniors

Environment & Society

From 2019, there will be a new carbon tax of $5 per tonne of greenhouse gas emissions, for all facilities producing 25,000 tonnes or more in annual greenhouse gas emissions. There are plans to increase the tax to between $10 and $15 per tonne of emissions by 2030

Grants and support to help companies enhance energy efficiency and reduce emissions

Excise duties raised by 10% across all tobacco products

Enhanced 250% tax deduction for qualifying donations extended, for donations made on or before 31 December 2021

250% tax deduction on qualifying costs incurred for businesses that support staff to volunteer and provide services to Institutions of a Public Character (“IPC”) under Business and IPC Partnership Scheme